From tax trends to assessment to implementation

Lets just assume that tax transparency and disclosure of tax risks to the tax authorities is mandatory in force in every country and that the effectiveness of a tax control framework should be proven.

• Are OECD's Standard Audit File for Tax Purposes data requests (monthly and on request) - now rolled out in various European countries - the start of a new beginning for better audits by the tax authorities?
• Is it likely that tax authorities will get access to more sophisticated tax analytics tools?
• Do companies need better risk management tools to meet tax objectives set derived from business objectives?
• Do companies face additional tax risk due to (close to) real time data requests of the tax authorities - implemented for example in Brasil and will be in force in Spain per July 1, 2017 - and does it impact a company's audit defense, tax risk management, ERP systems and tax technology?

Without doubt, the answer to all questions is a resounding yes.

Source: From tax strategy to artificial intelligence to automating the tax adviser | Richard H. Cornelisse | Pulse | LinkedIn

From tax strategy to artificial intelligence to automating the tax advise

Innovation' and 'Tax strategy' have my interest. In the UK the Executive has to sign off the company's tax strategy and publish. The strength of the UK approach is that the Executive has to take position and also keep its promise as a public statement has been made.

This legal change realised that it has now become an Executive owned KPI to manage overall tax risks resulting that the supervisory board and external auditor have a responsibility to audit 'being compliant' as the company might face reputational risks when that promise is not kept.

Without such Executive sign off not much would have changed tax function wise. At least that is the lesson learned from the Dutch initiative: 'Horizontal Monitoring' where such a sign off and public statement was missing.

Do you see the difference from a governance perspective?

Source: From tax strategy to artificial intelligence to automating the tax adviser | Richard H. Cornelisse | Pulse | LinkedIn